An adjective used to describe something, or someone (although usually drunk,) who has exceeded "classy" to the extent that the word needs to be respelled with a "Q." Also tends to be used in a sarcastic manner.

Harry - Dude, this chick just took off her belt and strung it through her heels and a handle. And is now carrying it around her neck..
Dick - Damn, thats one qlassy motherfucker.